According to a new report published by Allied Market Research, titled, “Middle East Modularization Market by Service, End User Industry, and Country: Opportunity Analysis and Industry Forecast, 2021–2028,” The Middle East modularization market size is expected to reach $0.74 billion by 2028, from $0.49 billion in 2020, and registering a CAGR of 5.3% from 2021 to 2028. In 2020, South Arabia country dominated the Middle East modularization market, in terms of revenue, accounting for around 28.10% share of the Middle East modularization market.
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Increase in drilling and exploration activities for oil in the Middle East countries such as Qatar, Kuwait, and others is expected to cater to the growth of the market. In addition, rise in use of piping spools, pipe racks, and skids in end users such as petroleum and transport is anticipated to garner the growth of the Middle East modularization market. Factors such as surge in adoption of stainless-steel pipe, owing to its aesthetic look, robust, and long durable features, is anticipated to boost the growth of the Middle East modularization market. A rise in adoption of pipe spools, pipe racks, skids, and other components in various end-user industries such as oil & gas plants, power plants, and the pharmaceutical industry is anticipated to provide lucrative opportunities for the growth of the Middle East modularization market. United Engineering Services LLC, TOCO, and United Gulf Pipe Manufacturing Co. LLC are some of the players engaged in offering products used in modular construction services. For instance, TOCO based in Oman, deals in offering modules, skids, manifolds, pipe racks, pipe spools, pipe fabrication, and tank fabrication services. It provides fabrication services for oil & gas projects. On the contrary, huge capital investment required and fluctuation in raw material prices are anticipated to hamper the growth of the Middle East modularization market.
Various manufacturers in the Middle East modularization market had to shut down their businesses activities due to the lockdown initiated in countries such as UAE, Qatar, and others. This break has directly impacted the sales of modularization companies in the Middle East. In addition, lack of raw materials, disruption in supply chain, and lack of man power halted the supply chain of modularization products.
However, the re-initiation of the modularization industry and availability of vaccines for coronavirus disease are projected to lead to the opening of the Middle East modularization market at their full-scale capacities.
The Middle East modularization market is segmented on the basis of service, end-user industry, and country. On the basis of services, the market is divided into prefabricated pipes (spools), process & fabrication, process & pipe rack modules, and others. The prefabricated pipes (spools) segment generated the highest revenue in 2020. On the basis of end-user industry, the market is categorized into oil & gas, mining & metallurgy, petrochemicals & chemicals, power, and others. The oil & gas segment generated the highest revenue in 2020.
Country wise, the Middle East modularization market analysis is conducted across Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and UAE. In 2020, Saudi Arabia country was the highest contributor to the Middle East modularization market share, and is anticipated to secure a leading position during the forecast period.
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